Business and Finance Quiz

Which of the following is NOT an instrument of exchange?

• Barter

• Cash

• Receipt

• Debit card

Which instrument allows payment using a mobile phone app?

• Cheque

• Mobile wallet

• Money order

• Bank draft

The advantage of a credit card is that it:

• Charges no interest

• Allows borrowing and paying later

• Transfers funds instantly

• Requires no bank account

Which instrument of exchange is used to transfer funds electronically from one bank account to another?

• Bill of exchange

• Credit card

• Electronic transfer

• Cheque

A bill of exchange is typically used for:

• Local payments

• International trade

• Buying small goods

• Paying taxes

What is the main purpose of the private sector?

• To provide public goods

• To generate profit

• To create laws

• To raise taxes

Sole traders are responsible for all the debts of their business. This is called:

• Limited liability

• Unlimited liability

• Shared liability

• Zero liability

Which of the following is an example of a business in the public sector in Jamaica?

• Sole trader

• National Water Commission

• Co-operative

• Partnership

What is the major disadvantage of using a cheque?

• Requires a mobile phone

• Processing time and less widespread use

• Cannot be used for international trade

• Funds are deducted immediately

What is the key feature of a partnership?

• Owned by the government

• Owned and managed by one person

• Owned by two or more people

• Funded entirely by shareholders